Stylepit-founder not supported by Anders Holch Povlsen

The alliance between the major shareholders Nicolai Kærgaard and Anders Holch Povlsen cracked somewhat at Monday’s extra general meeting in Stylepit.

Kærgaard’s attempt to change the balande of the Board was not supported by the Bestseller-billionaire.

Kærgaard, who has promised Anders Holch Povlsen to sell his 24.2 percent stake in the online fashion company did not get support from Bestseller billionaire Holch Povlsen who is trying to buy the whole Stylepit.

Stylepit founder Nicolai Kærgaard wanted Ole Peter Meier and Morten Kirkegaard Pedersen to be elected to the board, but the proposal was voted down.

According to Berlingske Business, Anders Holch Povlsen asked his attorney Jeppe Bredahl Nielsen to vote against Kærgaards amendment on the board.

Anders Holch Povlsen, aims to buy a 90 percent stake in Styelpit so he can take the business off the Copenhagen Stock Exchange. Nicolai Kærgaard has stated that he will accept the offer to sell its shares meaning that Anders Holch Povlsen reaches 48.44 percent stake.

Kærgaard made the proposal to elect two new members against the incumbent Board’s own recommendation. But his plan to alter the balance of power on the board thwarted.

N.E. Nielsen, who stays in the chairman chair, said it was an uneventful meeting, just one in the series. The offer from Bestseller has forced Stylepit out in a hold. Therefore, it is not optimal to change the board of directors at this time.

”Now this company must use all its energy on achieving results in daily operations. We need to ensure that if there is someone who will give a better price for the company, then they should do it, “says NE Nielsen.

”About 14 days there may be a completely new situation. Therefore, I also see the proposal by Nicolai Kærgaard as part of the noise that has always been around Styelpit, “says NE Nielsen to Berlingske Business.